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2015年6月初以来,我国股市遭遇巨大波动,千股跌停、千股涨停、千股停牌的奇观,市场一度陷入崩溃的边缘。虽然国家金融市场主管部门通过一系列的暴力措施进行救市,市场目前也较为稳定。但是,从此次股市异常波动的过程来看,市场机制不完善,监管滞后是导致此次波动的根源。同时,缺乏波动的预警机制及对冲工具不足也一定程度加剧了此次波动。波动率衍生品自推出以来,在各个市场发挥了重要的稳定作用,成
Since the beginning of June 2015, the stock market in our country has suffered tremendous fluctuations. The limit of one thousand shares, the daily limit of one thousand shares and the suspension of one thousand shares have left the market at the brink of collapse. Although the national financial market authorities through a series of violent measures to rescue the market, the market is also relatively stable. However, abnormal fluctuations in the stock market from the point of view, the market imperfections, regulatory lag is the root cause of this volatility. In the meantime, the lack of an early warning mechanism for fluctuations and the lack of hedging instruments have also aggravated this fluctuation to some extent. Volatility derivatives have played an important stabilizing role in various markets since their introduction